NEWS | Round-up
CORONAVIRUS SPECIAL
BiKBBI welcomes Chancellor’s support for the self-employed
THE BRITISH Institute of KBB Installers has welcomed measures announced by the Chancellor to support self- employed workers negatively impacted by the coronavirus. Chancellor Rishi Sunak (pictured) acknowledged in his address to the nation that “many self-employed people risked losing their livelihoods” and pledged “an unprecedented level of support for self-employed workers”. The Chancellor gave details of the new Self-Employment Income Support Scheme (SEISS), which he said would pay “80% of annual profi ts – up to £2,500 a month”. He added that this would be available to anyone with trading profi ts of up to £50,000 who makes the majority of their income through self-employment. He added: “To minimise fraud, only those who are already in self- employment, who have a Tax Return for 2019, will be able to apply. Ninety- fi ve per cent of people who are majority-self-employed will benefi t from this scheme.”
He said that HMRC is working on this urgently and expected people to be able to access this scheme no later than the beginning of June.
In an e-mail to its members, the BiKBBI outlined the key elements of the scheme. It picked up on the Chancellor’s pledge to keep the SEISS scheme in place for three months and then to extend it if necessary. It also reiterated that the self-employed could also now access the Business Interruption Loan scheme.
The BiKBBI also highlighted in its e-mail the Chancellor’s statement that the self-employed would also have access to universal credit up to a limit of £1,800 a month.
total income come from self- employment. This can be with reference to at least one of the following conditions: (a) Your trading profi ts and total income in 2018/19 (b) Your average trading profi ts and total income across up to the three years between 2016/17, 2017/18, and 2018/19.
Emily Covey (see Sustainability Focus, pg 53) is a self-employed freelance designer at Covey Kitchens, based in Taunton, Somerset. She also welcomed the Chancellor’s announcement. She told kbbreview: “I’m delighted that he has announced a solution for self-employed people. It’s clearly been complicated for such a varied group and it is hard to suit everyone, but I feel that they have done a good job treating many of us the same as PAYE.”
BiKBBI chief executive Damian
Walters said that its members “review the last three years of annual income tax returns (or whatever they do have), which will help them understand how much can be claimed when the time arrives”. Walters added: “The BiKBBI’s resident accountant will assist us to communicate updates, details of which will be published on our news pages and regular member e-mail updates.
“The above support is in addition to the support already laid out by Government, to include penalty-free mortgage and rent relief, the deferring of HMRC liabilities, grants and cash- fl ow loans – all of which are detailed within the government website.” The BiKBBI followed up its initial
e-mail with one clarifying further aspects of the Government’s SEISS scheme. In particular, it outlined the specifi c criteria that must be satisfi ed to qualify. It summarised these as follows: • Be self-employed or a member of partnership;
• Have lost trading/partnership trading profi ts due to Covid-19; • Have fi led a tax return for 2018/19. Those who have not yet fi led will have an additional four weeks from this announcement to do so;
• Have traded in 2019/20, be currently trading at the point of application (or would be except for Covid-19) and intend to continue to trade in the tax year 2020/21
• Have trading profi ts of less than £50,000 and more than half of your
She had one misgiving, however: “As a business that has been running for two-and-a-half years, I have two tax returns that I can use, but obviously my fi rst year was very slow and only accounted for six months of that year, so it is dragging my averages down horrendously. “I’d be happy to fi le my 2019/20 tax return in April if I was allowed to use that, as the business has really got going now and is a more up-to-date representation of where my business is today and where it is going rather than looking at 12 months ago and beyond.”
Covey concluded: “However, every little bit helps, and it is wonderful that there is some support out there. I hope these measures mean that people will still feel like they have money in their pockets to spend as soon as we are allowed out, helping the economy to bounce back quickly.”
BMA postpones conference until 2021
THE BATHROOM Manufacturers Association has postponed its Industry Conference until 2021. The conference, which had been due to take place in October this year, will now be held in June 2021. Tom Reynolds, BMA CEO said: “We’ve not reached this decision lightly. After consultation with the venue, our board and a selection of members it was clear that our attendees’ focus would be on recovering from COVID-19 well in the autumn. We are now looking forward to holding the event in 2021 alongside
6
our AGM at Carden Park, Cheshire on the 7th & 8th June 2021.”
Marketing manager Amy Kirk added: “Although the event has moved dates the theme ‘Sustainability for the Sector’ and our keynote speakers announced so far will be unchanged.” Full details of the event will continue to be announced in the run-up to the 2021 event via the associations’ website and on social media. For information on any bookings made so far or to enquire about the event, please contact:
amy.kirk@
bathroom-association.org.uk
· May 2020
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